China Stocks Slide to Over 2-Month Low

The Shanghai Composite lost 1.5% to 3,602 on Friday, while the Shenzhen Component slid 2.1% to 11,118, with both indexes hitting their lowest levels in more than two months as steep losses in semiconductor and technology stocks weighed on the market. The selloff mirrored broader declines across Asian markets following overnight losses on Wall Street, as mounting concerns over the sustainability and potential returns of artificial intelligence investments pressured technology stocks. Domestically, MiniMax Group Inc. and Z.AI Co. have lost a combined $150 billion in market value from their respective peaks amid intensifying competition and the prospect of rival listings. Potential IPOs by DeepSeek and Moonshot AI could further divert investor capital from MiniMax and Zhipu, two of China’s few listed pure-play AI firms. Notable laggards included Cambricon Technologies (-3.7%), SMIC (-2.9%), Zhongji Innolight (-3.6%), Eoptolink Technology (-6.1%) and NAURA Technology (-1.9%).